United Kingdom GDP Annual Growth Rate  1956-2016 | Data | Chart | Calendar

UK's gross domestic product expanded 2.3 percent year-on-year in the third quarter of 2016, accelerating from a 2.1 percent growth in the previous period and in line with preliminary estimate. It was the strongest reading since the second quarter of 2015, boosted by net external demand and gross fixed capital formation. GDP Annual Growth Rate in the United Kingdom averaged 2.46 percent from 1956 until 2016, reaching an all time high of 9.80 percent in the first quarter of 1973 and a record low of -6.10 percent in the first quarter of 2009.

United Kingdom GDP Annual Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-30 08:30 AM Q2 2.1% 2% 2.2% 2.2%
2016-10-27 08:30 AM Q3 2.3% 2.1% 2.1% 1.9%
2016-11-25 09:30 AM Q3 2.3% 2.1% 2.3% 2.3%
2016-12-22 09:30 AM Q3 2.1% 2.3% 2.3%
2017-01-27 09:30 AM Q4 2.51%
2017-02-24 09:30 AM Q4 2.51%




UK GDP Annual Growth Confirmed at 1-Year High


UK's gross domestic product expanded 2.3 percent year-on-year in the third quarter of 2016, accelerating from a 2.1 percent growth in the previous period and in line with preliminary estimate. It was the strongest reading since the second quarter of 2015, boosted by net external demand and gross fixed capital formation.

On the expenditure side, net external demand contributed positively, as exports advanced 4.1 percent, following a 3.1 percent gain in Q2; while imports grew at a slower 2.6 percent, after rising by 4.7 percent the previous period. 

Gross fixed capital formation continued to grow (+1.2 percent from +1 percent in Q2), but business investment contracted (-1.6 percent from -0.8 percent in Q2). Meanwhile, growth slowed for both household consumption (+2.6 percent from +3 percent in Q2) and government spending (+0.8 percent from +1.1 percent).

On the production side, the service industries expanded 3 percent (+2.7 percent in Q2), mainly boosted by distribution, hotels and restaurants (+5.2 percent from +5 percent in Q2), transport storage and communications (+4.2 percent from +2.5 percent in Q2); and government and other services (+1.9 percent from +1.5 percent in Q2). Industrial production rose at a slower 1 percent (+1.6 percent in Q2), as growth slowed for: manufacturing (+0.5 percent from +1 percent in Q2). Construction edged up 0.1 percent, following a 0.4 percent gain in Q2.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/25/2016 10:48:40 AM



United Kingdom GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.70 5.00 -2.70 percent [+]
GDP Annual Growth Rate 2.30 2.10 9.80 -6.10 percent [+]
GDP 2848.76 2990.20 2990.20 72.33 USD Billion [+]
GDP Constant Prices 469056.00 466790.00 469056.00 107263.00 GBP Million [+]
Gross National Product 473198.00 464690.00 473198.00 4748.00 GBP Million [+]
Gross Fixed Capital Formation 78986.00 78108.00 80420.00 13405.00 GBP Million [+]
GDP per capita 40933.46 40326.82 40933.46 13868.61 USD [+]
GDP per capita PPP 38657.79 38084.87 38657.79 26202.27 USD [+]
GDP From Agriculture 3164.00 3185.00 3267.00 2350.00 GBP Million [+]
GDP From Construction 25574.00 25939.00 26013.00 20035.00 GBP Million [+]
GDP From Manufacturing 40945.00 41356.00 43548.00 37451.00 GBP Million [+]
GDP From Mining 8061.00 7660.00 16722.00 6493.00 GBP Million [+]
GDP From Public Administration 18961.00 19006.00 22274.00 18888.00 GBP Million [+]
GDP From Services 333794.00 331121.00 333794.00 171542.00 GBP Million [+]
GDP From Transport 17837.00 17823.00 18739.00 9402.00 GBP Million [+]



United Kingdom GDP Annual Growth Rate Notes

The United Kingdom is the sixth largest economy in the world and the second largest in Europe after Germany. The Services sector is the most important and accounts for 79 percent to total GDP. The biggest segments within Services are: government, education and health (19 percent of total GDP); real estate (12 percent); professional, scientific and technical activities and administrative and support services (12 percent); wholesale and retail trade (11 percent); and financial and insurance (8 percent). Industry accounts for 21 percent of the GDP and the largest segments within this sector are: manufacturing (10 percent of total GDP) and construction (6 percent). The Agriculture sector accounts for only 1 percent of GDP. This page provides the latest reported value for - United Kingdom GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.10 9.80 -6.10 1956 - 2016 percent Quarterly



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European Union 1.80 Sep/16
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Austria 1.20 Sep/16
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Republic of the Congo 1.20 Dec/15
Estonia 1.10 Sep/16
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